Renewables

Nofar Energy orders solar panels for EUR 76.6 million for Romania

Nofar Energy orders solar panels EUR 76 6 million Romania

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Published

January 3, 2024

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Published:

January 3, 2024

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Nofar Energy will equip its photovoltaic projects in Romania with LONGi Solar’s modules with a total capacity of 576 MW. The contract is worth EUR 76.6 million. The renewable energy developer is active in Serbia as well.

Israel-based Nofar Energy operates Romania’s largest solar power plant and is preparing to start the construction of an even bigger one this year. The company said it signed an agreement with LONGi Solar for photovoltaic panels of an overall 576 MW for its projects in the Balkan country.

The Chinese manufacturer signed a delivered-duty-paid (DDP) contract worth EUR 76.6 million, according to Nofar Energy. It means it includes taxes, import and export costs, insurance, international shipping and delivery.

LONGi said it is the biggest deal of its kind in Romania so far. Its Hi-MO 7 modules have 610 W.

“Signing this significant panel purchase deal at low prices reflects the ongoing growth, as reflected in the company’s recent reports. Over the past three years, we have initiated and commissioned over 1 GW of solar projects with high returns in six different countries, and we are on the verge of another substantial leap. The reduction in project costs is expected to lead to further improvements in the high returns the company demonstrates in its various projects,” Nofar Energy’s Chief Executive Officer Nadav Tenne said.

Nofar Energy has three major projects about to enter construction phase in Romania

In partnership with Econergy, the company recently commissioned the Rătești PV plant in Romania, with 154.7 MW in peak capacity. Nofar Energy said it has 798 MW connected or under construction in the country and that it secured EUR 60 million in financing in 2023. Excluding partnerships, its share is 627 MW.

Romania’s solar power boom is fueled by all segments from prosumers to municipal authorities to transmission system operator Transelectrica

Before the recent purchase of the 255 MW project in the Corbii Mari commune in Dambovița county, last year the firm also acquired projects called Iepurești and Ghimpați with a combined 315 MW in capacity, which are ready to be built, according to its financial report for the third quarter. They are located in Giurgiu County in southeastern Romania.

Romania joined the group of gigawatt-scale markets this year in terms of installed photovoltaic capacity within one year and the list of mature projects keeps getting longer. In fact, SolarPower Europe expects the country to reach 8.7 GW by 2027. The solar boom is fueled by all segments from prosumers to municipal authorities to transmission system operator Transelectrica. Three other major projects have just reached the construction or ready-to-build phase.

Israeli company to start installation of 22.7 MW in Serbia

Nofar Energy is active in neighboring Serbia, too. In May it took over two projects of 22.7 MW in peak capacity, worth EUR 19.3 million, the quarterly report shows.

The company said the facilities would be built by the end of this year. One of the projects, with just under 10 MW in connection capacity, was developed by Forest Energy. It will span 16 hectares in the cadastral unit of Utrine. The entire property has 116 hectares, where another 16 hectares are envisaged for the second phase, according to local spatial planning documentation.

Nofar Energy has 1.34 MWh in energy storage projects under development in Greece

Nofar Energy bought the projects for EUR 3.9 million through its subsidiary Nofar Europe, in which it holds a 90% stake.

It operates 1.08 GW overall in Israel, Italy, Spain, the United States, Romania and Poland. Together with projects under construction, the solar power portfolio reached 2.09 GW.

In addition, the company entered the energy storage sector in Greece in 2023, with projects under development of 1.34 GWh in total. “It should be noted that in light of the characteristics of the Greek market and the first development stages of the projects, in the company’s estimation, there is a high probability that only a small part of the projects will complete the development procedures and reach the ready-to-build stage,” Nofar Energy pointed out in the quarterly report.

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